GVC has agreed to acquire Bet.pt in Portugal to extend their business across Iberia.
Portugal is a recently regulated market and Bet.pt was one of the earliest entrants, obtaining its sports-betting license in 2016 and a casino license in 2017.
The Portuguese sports-betting and gaming market is growing rapidly and is expected to more than double to around €450m (£410m/$529m) by 2023.
Shay Segev, CEO of GVC commented:
“The acquisition of Bet.pt that we are announcing today is consistent with our strategy of expanding into new markets that are either regulated or regulating, in order to support our international growth ambitions.
While the risk of further restrictions as a result of COVID-19 mean that we remain cautious on the short-term outlook, in the longer term we are confident of being able to continue delivering sustainable growth for all our stakeholders.”